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Tags: house | gop | leadership | speaker | joe biden | budget | 2025

GOP Slams Biden's $7.3T Budget, $5.5T in Tax Hikes

By    |   Monday, 11 March 2024 01:49 PM EDT

Speaker Mike Johnson, R-La., and House GOP leadership members say President Joe Biden's proposed 2025 fiscal year budget "is a roadmap to accelerate America's decline."

Biden on Monday unveiled a $7.3 trillion spending wish list that is as much an election-year pitch to voters — one that slams Republicans and former President Donald Trump by name — as it is a policy proposal.

"The price tag of President Biden's proposed budget is yet another glaring reminder of this Administration's insatiable appetite for reckless spending and the Democrats' disregard for fiscal responsibility," Johnson, House Majority Leader Steve Scalise, R-La., Majority Whip Tom Emmer, R-Minn., and Republican Conference Chair Elise Stefanik, R-N.Y., said in a joint statement.

"Biden's budget doesn't just miss the mark — it is a roadmap to accelerate America's decline."

It has been widely reported Biden wants to raise $5.5 trillion in tax on corporations and high earners during the next decade, the 2025 budget showed. That would help cut the federal deficit and pay for new programs to assist those who make less cope with high housing and child care costs, according to The Associated Press.

"While hardworking Americans struggle with crushing inflation and mounting national debt, the President would increase their pain to spend trillions of additional taxpayer dollars to advance his left-wing agenda," the GOP leaders said in their statement.

They added that the House Republican Conference has "taken action to steer our nation back to a path of fiscal sanity."

"Our efforts to rein in the runaway spending spree from last year's budget have already yielded results, lowering projected deficits by $2.6 trillion over the next decade," they said in the statement.

"The House's budget plan for the next fiscal year, preceding the President's proposal, reflects the values of hardworking Americans who know that in tough economic times, fiscal discipline is non-negotiable. House Republicans understand the American people expect and deserve nothing less from their government."

Although Biden released his proposed 2025 budget, Congress has yet to pass full funding for federal agencies for the current fiscal year.

House Republicans on Thursday issued a plan that aims to balance the federal budget within a decade by cutting $14 trillion in federal spending, including green energy subsides and student loan forgiveness, while reducing taxes. The White House, though, called that plan unworkable.

The nonpartisan Congressional Budget Office (CBO), which provides independent analyses of budgetary and economic issues to support the Congressional budget process, released a Feb. 7 report that offered a budget and economic outlook for 2024 to 2034.

In CBO’s projections, federal budget deficits total $20 trillion over the 2025–2034 period and federal debt held by the public reaches 116 percent of the gross domestic product (GDP).

The Associated Press contributed to this story.

Charlie McCarthy

Charlie McCarthy, a writer/editor at Newsmax, has nearly 40 years of experience covering news, sports, and politics.

© 2024 Newsmax. All rights reserved.


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Speaker Mike Johnson, R-La., and House GOP leadership members say President Joe Biden's proposed 2025 fiscal year budget "is a roadmap to accelerate America's decline."
house, gop, leadership, speaker, joe biden, budget, 2025
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Monday, 11 March 2024 01:49 PM
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